Cha-Ching! Casino could bring in $4 million a year

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(PETERBOROUGH) The City of Peterborough could receive up to $4 million a year if a casino located here.
That figure comes from a staff report councillors will receive for information Tuesday night. The staff report says the City of Peterborough could expect annual revenue coming in of $3 million to $4 million.
While the number is an initial estimate, it is in line with what Cavan Monaghan Township receives as a result of hosting the Slots. That township saw revenue of $3.3 million last year as host municipality.
As well, property taxes paid by a casino would likely be a further $700,000 to $800,000 a year.
The staff report recommends any revenue that comes into City coffers as a result of hosting a casino be used for infrastructure projects.
It could be used in a few ways, the report states. Revenue could simply increase how much the City spends each year on capital projects. Or, the City could use the money to fund specific projects that are strategically important and would help grow the local economy.
The staff report says there are also other revenue and expenses that come with a hosting a casino, but those could not be dealt with in detail at this time. Further reports would be necessary to explore:
• Employment opportunities (both direct and indirect) created by the new operating
model;
• Construction of complementary businesses (e.g. hotels, restaurants, other);
• Expenditures at surrounding businesses;
• Depending upon location, consequential impacts to infrastructure networks that may require both immediate and long term investment;
• New or enhanced public services that could be funded from revenues received and the ability for these services to offset negative impacts.
In the case of potential social, health and cultural impacts as a result of hosting a casino, the report says it's difficult to put a financial number to the possible costs.
With that said, a casino would likely lead to an increase in gambling addiction.
As well, a casino could very well negatively impact other existing entertainment and cultural venues and events, such as Little Lake Music Fest, Peterborough Memorial Centre, Market Hall and Showplace.
A plan would need to be developed to deal with such potential impacts, the report states, and revenue that comes in as a result of hosting the casino could be used to deal with those potential effects.
The report will be presented to councillors during Tuesday night's committee of the whole meeting. The meeting takes place at the public school board offices on Fisher Drive. It begins at 6:30 p.m.